HVAC System Market Analysis

Equipment Type (Cooling, Heating, Ventilation)

The cooling segment in the HVAC system market is poised to gain the largest share of 45.5% in the coming years. The segment's tremendous growth rate can be augmented by the rapidly increasing market for air conditioners, particularly in warm, developing nations regions where temperatures are rising. In most nations, including Brazil, Thailand, Japan, Kenya, Nigeria, Australia, and Spain, more people use their air conditioners to stay cool during extreme heat waves. As per the International Energy Agency, it is anticipated that by 2050, up to 2.5 billion homes in warmer countries will own air conditioning units. Moreover, in hot areas where the entire structure needs to be cooled for extended periods, air conditioning is especially helpful in transforming living. Furthermore, there will be a substantial need for cooling as urban air temperature and solar radiation have grown.

Application (Residential, Commercial, Industrial)

The residential segment in the HVAC system market is estimated to be the fastest-growing segment with a significant CAGR by 2037. This segment's rapid growth is attributed to the expanding rate of household air pollution caused by inadequate ventilation. A 2023 World Health Organization (WHO) report estimated that in 2020, household air pollution caused 3.2 million annual deaths, including approximately 237,000 deaths of children under the age of five. Eliminating the sources of dangerous pollutants such as allergens, and pathogens is an effective strategy to lessen their presence in households, which is possible to achieve with an HVAC system that incorporates cutting-edge filtration and purification technology that may considerably enhance indoor air quality. HVAC systems are important for infection control as they can have an impact on the mobility of infectious aerosols.

Application (New Construction Buildings, Retrofit Buildings)

The new construction buildings segment in the HVAC system market is projected to generate significant revenue over the coming years. This could be on account of the increasing number of hotels in the construction pipeline which might need HVAC systems to ensure that visitors are comfortable according to their unique requirements and preferences. For instance, as of the first quarter of 2024, there were more than 6190 hotels under development worldwide. Expanding construction endeavors encompassing the building of hotels is one of the main markets for HVAC systems. Air handling (AHU) systems are made especially for lodging facilities to circulate and purify the air, which may improve the summertime visitor experience when it's hot outside or when high humidity is likely to be uncomfortable.

Our in-depth analysis of the global market includes the following segments: